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Converting To A Chapter 7

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    #1

    Converting To A Chapter 7

    Right now im stuck b/n a rock and a hard place. I was considering converting my case over to a 7 but now im not so sure. my main issue is my car and i want to be free of all my debts instead of repaying them my financial situation has been worse since i filed a 13 instead of better, but my attorney said if i convert i have to surrender my car. I dont know what to do.
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    #2
    Why do you have to surrender your car?

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      #3
      Originally posted by edwards2
      Why do you have to surrender your car?

      ACCORDING TO MY ATTORNEY I AM BEING TOLD THAT I HAVE TO SURRENDER MY CAR, THEY WILL NOT APPROVE MY CONVERSION IF I WANT TO KEEP THE CAR.

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        #4
        Why wouldn't they approve it? Do you have equity in your car, this probably the only way you'd loose it? I converted in March and received my discharge this week. I kept my truck, I reaffirmed it with the bank.

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          #5
          Are you behind on payments on the car, is it a second car, does the equity in your car exceed your exemption? What exactly is the situation with the car? Why did you file chapter 13 in the first place?

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            #6
            Originally posted by HHM
            Are you behind on payments on the car, is it a second car, does the equity in your car exceed your exemption? What exactly is the situation with the car? Why did you file chapter 13 in the first place?

            I dont know if i have any equity in the car. I filed a chapter 13 in june of 2002, because i was laid off from a higher paying job, accepted a much lower paying job. had a brand new car, when i went to file i was told by attorney that they could set it so i can keep the car with a much lower and and the bought the car down to fair market value. which took off about $7000-8000. I always paid the bk on time because it came out of my payroll. untill recently i was having a little financial difficulty, sons father had stopped working no child support was coming in. in october of 2004, i contacted my attorney about converting to a 7 and they were saying i need to surrender my car. So i opted to voluntary dismiss my chap 13 and refile, no knowing how much of a negative impact that would have since i am considering purchasing a house in the future and it only took my payments down about $40 a month, so now thought i just wanted to be free of all my debt period and i was reconsidering a converting, but i dont want another bk filing on my credit report and I dont want to surrender my car, how is it the attorneys decision on whether or not i can keep "MY" car. when I spent "MY" money on it.

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              #7
              Ok, basically your attorney is right, becaue you did a "cram down" on the car in your Chapter 13, if you convert (thereby not completing the Chapter 13), they will take the car back.

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                #8
                I am going to let you hear from someone who actually did this. I did a cram down on our vehicle in the chapter 13 but the bank still reaffirmed me at the amount they were getting through the plan. You have to contact the bank and see if they're willing to work with you.

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